The price of gold was moving higher Thursday morning even as traders digest a recent batch of upbeat macroeconomic data form the Europe and the U.S., with US job market bolstering hopes for growth.
Gold for April delivery, the most actively traded contract, added $6.70 to $1,581.60 an ounce. Yesterday, gold settled flat tracking rising equity markets with some upbeat private jobs data out of the U.S. and the dollar gaining strength even as the euro declined. Nonetheless, gold found some support after some soft U.S. factory orders data.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,244.86 tons.
Meanwhile, the U.S. dollar was hovering around its 2-month high versus the euro and its 30-month high against sterling. The buck was trading around its two-and half year high versus the yen and ticking lower against the Swiss franc.
In economic news, the Bank of England maintained the size of quantitative easing at GBP 375 billion and the interest rate at a record low 0.50 percent, as widely expected.
The European Central Bank is set to announce its interest rate decision at 7.45 a.m ET. The central bank is seen holding its key interest rate at 0.75 percent. ECB President Mario Draghi will hold a regular press conference at 8.30 a.m ET. Elsewhere, the prices of silver and platinum were moving higher in morning deals.
From the U.S., the Labor Department will release its weekly jobless claims report at 8.30 a.m ET. Economists expect initial jobless claims to come in at 355,000, marginally up from 344,000 reported last week.
Simultaneously, the Commerce Department is scheduled to release its trade balance report for January. Economists expect the trade deficit to have widened to $43 billion from a deficit of $38.5 billion in December.
